BC Iron in $18.4m capital raising

Iron ore producer BC Iron says it has secured commitments from investors for $18.4 million from a capital raising.

BC Iron said institutional and sophisticated investors had subscribed for 8 million shares at $2.30 each, a 3.4 per cent discount to Wednesday's closing price of $2.38.

"The board of BC Iron is delighted with the ongoing support from existing shareholders and is pleased to welcome a number of new institutional shareholders on to its register," the iron ore company said.